The price of Ethereum has started to move horizontally after remaining above the $1,400 support level.
Ethereum price long-term analysis: bearish
On the daily chart, the largest altcoin is trading below the 21-day SMA barrier, but above the 1,400-dollar support level. Price fluctuations have been confined to a limited range over the past week. Buyers have pushed the altcoin above the current support level to a high of $1,600.
On the upside, the uptrend will resume if the bulls drive ETH above the $1,750 high. Ether will peak at $2,000. The bulls have continuously held the support at $1,400 on the downside. Twice, the bulls have bought dips to push Ether higher. Furthermore, Ether is currently trading in oversold territory in the market. At the time of writing, Ether is worth $1,577.
Ethereum indicator analysis
The price bars for Ether are consolidating below the moving average lines and above the current support. Strong buying pressure above the $1,300 barrier is indicated by the long candlestick tail on April 7. A negative crossover between the moving average lines on the weekly chart currently indicates a bearish bias.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for Ethereum?
According to the price analysis by Coinidol.com, Ethereum is trading above the $1,400 support but below the moving average lines. The altcoin is currently in a slight downward retracement.
The presence of doji candlesticks has resulted in price action remaining stable above the $1,500 support. Ether is currently trading in the oversold territory of the market.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
